A recent lawsuit involving Verizon and Vonage has been settled, and Vonage has been ordered to pay Verizon $120 million due to patent infringements. The fine imposed on Vonage means they are edging closer to bankruptcy, with debts mounting to the sum of some $250 million prior to the court's decision, it looks like Vonage may have a tough time remaining in business.

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With staff cuts already taking place to remain above board, this may be one cut too many for the firm to deal with. Having said that, as ever, anything could happen. We shall keep you posted on any developments. [Bloomberg via Gadgetell]